Philex Mining Corporation (PX) was incorporated on July 19, 1955 to primarily engage in mining activities. For the past 52 years, PX has operated the Sto. Tomas II deposit at Padcal, Tuba, Benguet Province. The Padcal mine was the first underground block cave operation in the Far East.

PX's exploration strategy in the late 1980s was focused on gold exploration which resulted in the acquisition and staking of a number of primarily gold claimholdings throughout the Philippines. The Company's first gold operation, the Bulawan mine in Negros Occidental, commenced commercial production in January 1996 until 2002 when the mine was decommissioned and placed on a care and maintenance basis. In July 1996, PX's gold assets, including the Bulawan mine, were spun-off to Philex Gold Philippines, Inc. (PGPI). Ownership in PGPI was subsequently transferred to Philex Gold, Inc. (PGI), of which PX currently owns 81%.

- Declared Property dividend of Philex Petroleum Corporation (PPC) rate of 1 PPC share for every 8 PX shares and subject to SEC approval where payment date is 5 trading days after SEC approval of the dividend and registration of shares.

- Declared Cash dividend @ 0.052/per share

- PSE Approval of Way of Introduction Listing for PPC

- PX will retain 64% ownership of PPC post-dividend

About PPC

- Wholly-owned subisidiary of PX that holds all of its petroleum and energy assets

In this 2-part series, abs-cbnnews.com unveils the multi-million lending and stock trading transactions between DBP and the companies associated with Ongpin. We will also explain the context by which these controversial deals took place.

Let us see how events will unfold because PX declared a property and cash dividend. Also, when a stock is listed by Way of Introduction, there is a spike in prices just like what happened to EG and IP when EG listed by Way of Introduction last year. However, a new rule was set by PSE regarding Way of Introduction Listing.

We will just have to wait and see how the market will react to this kind of listing once again based on new rules.

The “crony” Chanco was referring to was Ongpin, who was close to the husband of former President Gloria Arroyo. There have been persistent but unverified talk in Manila that Ongpin fronts for the investments of the Arroyos placed with London-based Ashmore Group, which has several big-ticket investments in the Philippines, including Petron and diversifying conglomerate San Miguel Corporation.

Tita Anj, remember what i told you years ago about ashmore? *gigols*
however, bobby o imho is mvp's double spy

If there's one more gift I ask of you Lord, it will be Peace... Here on Earth.
God is great... all the time

MANILA, Philippines - Forum Energy Plc is scouting for a partner for Service Contract (SC) 72 off Palawan to be able to continue exploration activities in the area. a top company official said.

“The company is also assessing potential partnerships in SC 72 to accelerate the development of the project, although there are no proposals currently in place,” Forum chairman Robert Nicholson said in a report.

But he stressed they are optimistic that SC 72 would continue to be one of the company’s major achievements.

“The completion of our first sub-phase work program over SC 72 will be a milestone for the company, since the last data acquisition which was concluded over five years ago. We expect that this data will give us significant additional information that will enable the company to better assess the various development scenarios and potential partnership options for the SC 72 block at a critical time in the development of this important asset,” he said.

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